Nusli Wadia Tax Case: SC on Reassessment Notice Procedure

Nusli N. Wadia Vs ACIT (Supreme Court of India)  The Supreme Court of India has declined to interfere with a Bombay High Court decision in the case of Nusli N. Wadia against the Assistant Commissioner of Income Tax (ACIT), related to a notice issued under Section 147 of the Income Tax Act, 1961 for reassessment of income. While dismissing the special leave petition, the apex court provided a specific procedural direction to the petitioner. The case originated from a reassessment notice issued by the income tax authorities. The petitioner, Nusli N. Wadia, had approached the Bombay High Court u...